Investor Presentation: First Nine Months of 2020

112 Investor presentation First nine months of 2020 Stable COGS level as percentage of sales and decreasing CAPEX level Cost of goods sold DKK billion 20 15 10 5 Capital expenditure DKK billion 25% 12 10 20% 8 15% 6 10% 4 5% 2 Novo Nordisk® 10% 8% 6% 4% 2% 0 0% 0 0% 2015 2016 2017 2018 2019 2016 2017 2018 2019 2020 ICOGS -COGS as % of sales ICAPEX -CAPEX as % of sales (RHS) Expected CAPEX COGS: Cost of goods sold; CAPEX: Capital expenditure; RHS: Right hand side

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